The undertaking or the promise does not become an integral 05/29/13 part of the lease contract to 20 make it onditional. ISLAMIC BANKING PRODUCT Musawamah • A general kind of sale in which price of the commodity to be traded is bargained between seller and the purchaser without any reference to the price paid or cost incurred by the former. 05/29/13 ISLAMIC BANKING PRODUCT 21 Qard (Loan of fungible objects) • Literal meaning ‘to cut’ because the property is really cut off when it is given to the borrower. • Legally, it means to give anything having similar amount of that thing would be paid back on demand • Type of loan which a person gives to another as a help, charity or advance for a certain time. The repayment of loan is obligatory • But if a debtor is in difficulty, the creditor is expected to extend time or even to voluntarily remit the whole or 05/29/13 22 ISLAMIC BANKING PRODUCT Qard hassan/ Qardul hassan (good loan/benevolent loan) •
A loan extended on a goodwill basis • Debtor is only required to repay the amount borrowed. • The debtor may, at his or her discretion, pay an extra amount beyond the principal amount of the loan (without promising it) as a token of appreciation to the creditor. • If debtor does not pay an extra amount to the creditor, this transaction is a true interest-free loan. It is the only type of loan that truly does not compensate the creditor for the time value of money 05/29/13 ISLAMIC BANKING PRODUCT 23 Istisna’ •A contractual agreement for manufacturing goods and commodities • Allowing cash payment in advance and future delivery or a future payment and future delivery. • A manufacturer or builder agrees to produce or build a well-described good or building at a given price on a given date in the future. • Price can be paid in instalments, 05/29/13 24 ISLAMIC BANKING PRODUCT
Sentence Level Semantic Classification Of Online Product Reviews
Abstract— Recent years have marked the beginning and rapid expansion of the social web, where people can freely express their opinion on different objects such as products, persons, topics etc on blogs, forums or e-commerce sites and opinion analysis is one emerging research field. As e-commerce is fast growing, product reviews on the Web have become an important information source for customers’ ...
Ijarah Thumma Al-Bai’ (Hire Purchase) • Parties enter into contracts that come into effect serially, to form a complete lease/ buyback transaction. • The first contract is an Ijarah – outlines the terms for leasing or renting over a fixed period, • The second contract is a Bai – triggers a sale or purchase once the term of the Ijarah is complete. • The bank generates a profit by determining in advance the cost of the item, its residual value at the end of the term and the time value or profit margin for the money being invested in purchasing the product to be leased for 05/29/13 25 ISLAMIC
BANKING PRODUCT Bai’ al-inah (Sale and Buy-back Agreement) • The financier sells an asset to the customer on a deferred-payment basis • The asset is immediately repurchased by the financier for cash at a discount. • The buying back agreement allows the bank to assume ownership over the asset in order to protect against default without explicitly charging interest in the event of late 05/29/13 ISLAMIC BANKING PRODUCT 26 05/29/13 ISLAMIC BANKING PRODUCT 27
